The Czech government today finally confirmed a successful bidder in a privatization of Aero Vodochody. The Czech and Slovak group Penta, which offered 2.91 billion Crowns for this biggest aircraft company in the CR through its subsidiary Oakfield, has won the privatization according to expectations. The second highest bid by the consortium PPF and J&T was 1.2 billion less.
"We are happy that the government has approved the privatization of Aero and we are allowed to immediately commence restructuring of the company based on two priorities – aircraft production and construction of an airport in Vodochody," says Marek Dospiva, co-owner of Penta.
"We perceive the main potential for preservation of the production in Aero in cooperation with leading world producers of aircrafts and aircraft components. We are negotiating with a quite number of them, and many of them such as BAE Systems, Sikorsky Aircraft Corporation, Piaggio Aero, or Latecoere, already expressed their support in the course of the privatization. We are convinced that many years of experience and highest-quality technical know-how of Aero’s employees may jointly with Penta’s strong financial background and our experience in restructuring return Aero among significant players in aircraft production."
A restructuring plan of Aero prepared by Penta is based on the following priorities: firstly, development and production of aircrafts and aircraft components within cooperation projects, secondly, construction of the airport Vodochody, and thirdly, cooperation with the Army of the CR.
The Penta’s first step will consist in a complete capital restructuring of the company comprising particularly an increase in a share capital by approximately 8 billion CZK. The restructuring will enable effectuation of further steps aimed at trade, marketing, and operation.
In addition to the aircraft production, the international non-public airport Vodochody is a part of Aero. The Vodochody airport has a perspective to become a modern and prosperous regional international airport. Based on the Penta’s vision, this airport should mostly operate as the airport for low-cost and charter carriers.
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